The latest Purchasing Managers’ Index (PMI) report on Nigeria released by Stanbic IBTC for March this year showed that the headline PMI was unchanged at 51.0 in March, indicating no change in manufacturing activities from the index recorded in February. Analytically, the report implies that major activities in the manufacturing sector for the month remained […]
The Manufacturers Association of Nigeria (MAN) has appealed to the Federal Government and regulatory agencies for understanding of the plight of entrepreneurs in the country, particularly in the current environment characterized by several policy weaknesses and consumer apathy. The Director General of the Association, Mr. Segun Ajayi-Kadir, who made the appeal in view of the […]
The Nigerian Customs Service’s (NCS’) foreign exchange (FX) rate for cargo clearance and import duties collection has dropped from N1,572.5/$ to N1,448.38/$1, representing a decline of N124.12 from last week’s rate. The latest FX rate of the revenue agency is reflected on the Central Bank of Nigeria’s (CBN’s) official window. Over the past weeks, the […]
The African Development Bank (AfDB) has signed a $75 million loan agreement with Nigeria’s Indorama Eleme Fertilizer and Chemicals Limited. The loan will enable Indorama to increase its fertilizer production and develop a port terminal for exports, supporting food production and food security across regional and international markets, while fostering job creation in Nigeria. A news […]
The Nigeria Customs Service (NCS) has further revised the foreign exchange (FX) rate for customs import duties and cargo clearance to N1,405.46 per dollar currently. The latest FX rate as reflected on the Service’s website represents the fifth consecutive time in the past two weeks, the rate had dropped. On March 15, the rate stood […]
…..As Guinness commits to investing more in Nigeria The Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, has said that President Bola Tinubu has a strategic plan that is being rigorously followed to take the country out of the current economic challenges and reposition it on the path of sustainable development in […]
The Federal Executive Council (FEC) has granted its consent for the disbursement of N60 billion from the Central Bank of Nigeria (CBN) through its Agric Small and Medium Enterprises Investment Scheme to support small businesses, particularly among young entrepreneurs nationwide. A statement issued by the Minister of Youth, Jamila Ibrahim, after the conclusion of the […]
The Federal Government has revved its current drive to improve production capacity of local companies on electricity meters with the meeting with indigenous manufacturers, assuring them of its readiness to give them support to double their production capacities. The Minister of Power, Adebayo Adelabu, who spoke on the government’s readiness to enhance the nation’s meter […]
The Federal Government has disclosed that it purchased 58,500 metric tons of milled rice from the Rice Farmers Association of Nigeria (RIFAN) as part of its efforts to stabilise the food items market nationwide. The Minister of Agriculture, Sen. Abubakar Kyari, who made this disclosure during a media chat with journalists in his office in […]
The Bank of Japan has ended eight years of negative interest rates and other remnants of its unorthodox policy, making a historic shift away from a focus of reflating growth with decades of massive monetary stimulus. News reports on the BoJ’s latest policy on Tuesday indicated that while the move was Japan’s first interest rate […]